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Glencore (GLEN) has flagged trading profits potentially billions higher than its long-term guidance range of $2.3bn-$3.5bn (ÂŁ1.7bn-ÂŁ2.6bn), because of the energy market turmoil in March. 

The miner also said its costs would rise, but higher metals prices and the trading profits would more than cover this. Chief executive Gary Nagle added that Glencore was in a “net long” sulphuric acid position. This is used to process ores at various mines, and supply has been cut down by the Strait of Hormuz closure. 

Production in the first quarter came in behind analyst forecasts for copper, cobalt, zinc and coal, although the company has stuck to full-year guidance because of a weighting to the second half. 

RBC noted that last time Glencore said its trading division was “comfortably exceeding” long-term guidance was in 2022, when it brought in an operating profit of $6.4bn. Last year’s trading Ebit was $2.9bn.

“[The trading profit] is unlikely to be quite as strong as 2022 in our view, but the potential is clearly there given the dislocation being created in the market across crude products, and could eventually start impacting gas and coal as well if this drags on long enough,” said RBC analyst Ben Davis. 

Glencore shares climbed 2 per cent, taking the year-to-date gain to 38 per cent.

Read more here about how the trading houses work

Premier Inn owner Whitbread (WTB) has responded to investor pressure to improve returns by announcing a five-year plan to sell off ÂŁ1.5bn worth of properties and to cut net investment in its estate by ÂŁ1bn. The company aims to generate ÂŁ2bn of free cash flow within five years, which it plans to hand back to shareholders.

Chief executive Dominic Paul said the plan to sell and lease back hotels would drive increased margins, “reducing our capital intensity and increasing cash returns for shareholders”. However, its restructuring plan also involves cutting 3,800 roles from a total UK and Ireland workforce of 30,000.

An underwhelming set of results and weaker than expected guidance for the current financial year sent the company’s shares 4 per cent lower. Revenue from continuing operations for the year just closed was flat, but pre-tax profit fell by almost a fifth to £298mn due to writedowns relating to its “accelerating growth” plan, which involves taking out underperforming branded restaurants and replacing them with extra rooms.

Adjusted pre-tax profit is also expected to be lower this year given higher inflation and the loss of about £150mn of sales from its remaining 197 branded restaurants – all of which it expects to convert or sell.

Synthomer (SYNT) shares rose 16 per cent in early trading after the speciality polymers group’s 2025 full-year results showed a return to margin growth and a refinanced balance sheet, alongside upbeat trading.

Continuing revenue fell 9.9 per cent to ÂŁ1.74bn on a 7.2 per cent volume decline, reflecting softer demand following global tariff changes. However, the Ebitda margin rose 40 basis points to 7.8 per cent, helped by ÂŁ30mn in cost savings. Meanwhile, free cash flow swung back to a positive ÂŁ56.6m, while net debt edged down to ÂŁ575mn.

The group has refinanced its €300mn (£260mn) revolving credit facilities to February 2029, with more flexible covenants. In addition, a further £20mn-25mn of cost savings is targeted for 2026.

The current trading commentary struck a more confident tone. Chief executive Michael Willome said the first quarter was in line with expectations and ahead of the prior year. He added that disruption to competitors’ supply chains since the start of the Iran conflict has allowed Synthomer to push through raw material costs and gain shipping volumes from Asian rivals.

Separately, the company announced that chief financial officer Lily Liu is leaving for Umicore. Iain Torrens, formerly interim CFO at Wood Group, takes over the role on an interim basis from 15 May.

DCC (DCC) said it has rejected an all-cash offer from Energy Capital Partners and private equity firm Kohlberg Kravis Roberts (US:KKR).

The 5,800p per share (£4.95bn) offer “fundamentally undervalues the company and its prospects”, DCC’s board said. The Dublin-based fuel distributor’s shares, which jumped by 12 per cent to more than 6,000p per share yesterday on news of the approach, fell by 5 per cent in response, to 5,610p.

DCC has undergone an overhaul in recent years, and it has sold off its healthcare distribution arm for ÂŁ1bn and part of its technology distribution operations, to focus on its energy business.

Mining equipment specialist Weir (WEIR) reported a softer first quarter than expected, with its organic order intake dropping by 3 per cent, although acquisitions meant overall group orders rose by 4 per cent.

The company blamed the phasing of orders and a stronger quarter last year for a decline in orders related to new equipment, but said aftermarket orders were still growing given “high levels of activity” in copper and gold mining.

A book-to-bill revenue of 1.14 times for the quarter indicates organic revenue was probably lower year-on-year at constant currency rates, Investec analyst Joel Spungin said, although the company said revenue and profit recognition would be weighted towards the second half of the year. The company remains “on track to deliver growth in constant currency revenue, operating profit and operating margin over the full year”, it added.

Longstanding chief executive Jon Stanton also announced his retirement after 10 years in the role. He will step down in August and will be replaced by the head of Weir’s minerals division, Andrew Neilson. Neilson has been with Weir for 16 years.

After a brutal April during which multiple peers issued profit warnings, Persimmon (PSN) ended the month with a resilient trading update for the first four months of 2026. 

The housebuilder, which focuses on mass-market homes in the north of England, said that it was on track to complete between 12,200 and 12,500 homes this year and achieve profit before tax of £461mn, in line with market expectations. This guidance assumes conditions “do not materially change”.

Reassuringly, the average selling price of its homes increased 5 per cent to ÂŁ307,000, sales rates improved slightly, and its private sales order book increased 7 per cent to ÂŁ1.8bn (all versus the prior year).

Chief executive Dean Finch said that the Middle East conflict had not had any “material impact on trading”, but that there were “early signs of increased inflationary pressure”. The company also noted that new buyer enquiries had “softened slightly” in recent weeks. Shares rose 3 per cent in early trading, having fallen by nearly a third since the start of the conflict. 

Meanwhile, Berkeley Group (BKG) announced a ÂŁ25mn share buyback this morning, equivalent to 0.9 per cent of market cap, which it plans to execute before the end of June. The housebuilder recently pledged to maintain its level of shareholder distributions, despite cutting its medium-term profits guidance. Shares rose 1 per cent.

Rolls-Royce (RR.) chief executive Tufan Erginbilgic reported a “strong start” to the year despite disruption to aviation markets in the Middle East.

The company said deliveries of large engines in the first quarter were up 18 per cent on last year, and shop visits were 12 per cent higher. And although the International Air Transport Association reported slower traffic growth in March, and warned of potential fuel shortages in Europe and Asia, Rolls-Royce said there had been a “significant recovery” in engine flying hours by Middle East airlines, with the number of hours flown by its large Trent XWB engines already fully recovered to pre-conflict levels.

The company maintained full-year guidance of an underlying operating profit of ÂŁ4bn-ÂŁ4.2bn and free cash flow of ÂŁ3.6bn-ÂŁ3.8bn. Rolls-Royce shares rose by 5 per cent.